For campus-based funds, how many years must schools retain records from the end of the award year in which the FISAP was submitted?

For campus-based funds, how many years must schools retain records from the end of the award year in which the FISAP was submitted?

• A. Three
• B. Five
• C. Ten
• D. One

Answer: (A)

The key idea is how long institutions must keep records for campus-based funds tied to the FISAP. For these funds, you keep all related records for three years after the end of the award year in which the FISAP was submitted. This window covers the period needed for audits, program reviews, and reconciliations to verify expenditures and support documentation. Five, ten, or one year don’t align with the standard retention requirement for this context, and while longer retention can occur in specific audit circumstances, the usual rule is three years.

The key idea is how long institutions must keep records for campus-based funds tied to the FISAP. For these funds, you keep all related records for three years after the end of the award year in which the FISAP was submitted. This window covers the period needed for audits, program reviews, and reconciliations to verify expenditures and support documentation. Five, ten, or one year don’t align with the standard retention requirement for this context, and while longer retention can occur in specific audit circumstances, the usual rule is three years.